Tax

Potential economic downturn prompts the State Council to announce multiple significant measures aimed at supporting SMEs and foreign trade enterprises, and unlocking value in existing infrastructure projects.

Industry associations ban NFT use for issuing financial assets; Shanghai government paves way for potential resumption of production activity under closed-loop management; and livestreaming video games banned for certain platforms

CSRC proposes an update to confidentiality rules for overseas listings; Shanghai rolls out 21 economic relief measures for firms amid lockdown; and social credit to be further developed, more integration in capital markets

Businesses to receive VAT refunds; plans to improve China's corporate bond market outlined; brand new requirements to develop technology ethically

Favorable tax policy is offered to REITS

Guo Yongmao of Haiwen & Partners discusses the various types of taxes under the PRC tax regime that new companies must consider when setting up a business in mainland China and highlights how tax impacts investors of a PRC company if they are foreign entities when considering dividends distribution, interest payment and transfer pricing

PCAOB accuses PRC authorities of not allowing inspection and investigations of audits; E-commerce live streamer "Viya" fined USD$210 million for tax evasion and social media accounts suspended; and credit card regulation on the horizon

E-commerce orders are exempted from stamp tax

Application for the simplified procedure for advance pricing is made easier